Tariffs and Customs Terms T.1.120 Flashcards
Terms and meaning from Dictionary of Tariff and Customs Terms with organization and functions of the various Offices of the Bureau of Customs.
a principle that mandates World Trade Organization members to bind themselves to a reduction or removal of tariff barriers. Once a duty is “bound”, it may not be increased unless compensation is made.
tariff binding
level of tariff higher than the existing tariff rate.
tariff ceiling rate
refers to a list of schedules of articles with the corresponding rules of duty to be paid to the government upon their importation.
tariff classification
a Philippine government agency that decides whether or not dumping duty must be imposed, and how much. It conducts research on tariff issues, sets national policy on tariff imposition, and monitors implementation of the Tariff and Customs Code of the Philippines.
Tariff Commission
a situation in which tariffs on finished goods are high, those on semi-processed goods moderate, and those on raw materials non-existent or too low.
tariff escalation
a Harmonized System category or classification to which a traded commodity belongs.
tariff heading
under a system called tariff quotas, it means that all quantitative import restrictions on particular goods are removed and converted into Customs duties corresponding to their ad valorem equivalents.
tariffication
reduction in tariff duties to boost international trade.
tariff liberalization
a particular row specified in the Harmonized System, to which a traded commodity, code number, classification, tariff heading number, rate of duty, tariff preference, belong.
tariff line
a quota system imposed by a government on imported goods, under preferential treatment, in the form of duty-free entry or lower rate of duty
tariff quota system
the rate of duty imposed on an imported article.
tariff rate
restructuring of the Philippine Tariff System to make it responsive to constant economic changes in global trading patterns and technological progress.
Tariff Reform Program
a Philippine government policy contained in several Executive Orders, which allow reduction of rate of duty on certain imported goods
tariff reduction scheme
a comprehensive list of goods a country may import and the duties applicable to each product.
tariff schedule
a product classification system used by the U.S. and published in the Tariff Schedules of the United States
Tariff Schedule of the United States
the change in classification chapter or heading level of goods in the Harmonized System nomenclature.
tariff shift
an import tax usually assessed at a flat rate, over and above the duties being assessed.
tariff surcharges
the rates of duties imposed on the imported items. Those literally mean the duties being assessed
tariff walls
a waterproof sheet or canvas that covers cargo.
tarpaulin
a financial burden levied upon persons or property by the government for public purposes.
tax
a term that means the goods are subject to tax
taxable
pertains to the sale, barter, exchange, and/or lease of goods or properties, including transactions “deemed sale” and the performance of service for a consideration, all of which are subject to tax under Sections 100 and 102 of the National Internal Revenue Code of the Philippines.
taxable sale
the tax base for the imposition of tariff rate. It is the dutiable value arrived at by multiplying the total Customs value with the applicable exchange rate.
taxable value
the technique by which a taxpayer’s resorts to legal means to avoid paying the correct taxes.
tax avoidance
a government policy of extinguishing a tax-payer’s obligation.
tax amnesty
